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If you are a marijuana business, regardless of whether you are operating within state law, you have major tax and banking headaches. Banking and most tax laws are governed by Federal law, which deems these activities illegal. One challenge commonly faced by marijuana businesses is the lack of access to the banking system, because banks don't want to deal with businesses illegal under federal law.

Without banks, dispensaries pay the government in cash, but face a penalty for the cash payments. This situation highlights the hypocrisy of the government's tax and drug policies, requiring payment on the one hand, punishing you for paying on the other. A recent case filed in U.S. Tax Court by a Colorado dispensary, Allgreens LLC, is the most recent challenge to this Catch-22 created by the government. Unfortunately, the IRS is probably going to win because it is just following the letter of the law here - a change to the tax or the drug laws is necessary for a fix.

If you are a marijuana business, regardless of whether you are operating within state law, you have major tax and banking headaches. Banking and most tax laws are governed by Federal law, which deems these activities illegal. One challenge commonly faced by marijuana businesses is the lack of access to the banking system, because banks don't want to deal with businesses illegal under federal law.

Without banks, dispensaries pay the government in cash, but face a penalty for the cash payments. This situation highlights the hypocrisy of the government's tax and drug policies, requiring payment on the one hand, punishing you for paying on the other. A recent case filed in U.S. Tax Court by a Colorado dispensary, Allgreens LLC, is the most recent challenge to this Catch-22 created by the government. Unfortunately, the IRS is probably going to win because it is just following the letter of the law here - a change to the tax or the drug laws is necessary for a fix.

In efforts to increase offshore tax compliance, the IRS just made brand new changes to its current offshore disclosure programs. The streamlined procedures have been expanded to accommodate a wider group of U.S. taxpayers who have unreported foreign financial accounts. This is a very good thing because now more people can use the procedures than could have before.

The original streamlined procedures announced in 2012 were available only to non-resident, non-filers. Taxpayer submissions were subject to different degrees of review based on the amount of the tax due and the taxpayer’s response to a “risk” questionnaire. The expanded streamlined procedures are available to a wider population of U.S. taxpayers living outside the country and, for the first time, to certain U.S. taxpayers residing in the United States. The changes include:

•Eliminating a requirement that the taxpayer have $1,500 or less of unpaid tax per year; •Eliminating the required risk questionnaire; •Requiring the taxpaye…

In efforts to increase offshore tax compliance, the IRS just made brand new changes to its current offshore disclosure programs. The streamlined procedures have been expanded to accommodate a wider group of U.S. taxpayers who have
unreported foreign financial accounts. This is a very good thing because now more people can use the procedures than could have before.

The original streamlined procedures announced in 2012
were available only to non-resident, non-filers. Taxpayer submissions were
subject to different degrees of review based on the amount of the tax due and
the taxpayer’s response to a “risk” questionnaire. The expanded streamlined procedures are available to a
wider population of U.S. taxpayers living outside the country and, for the
first time, to certain U.S. taxpayers residing in the United States. The
changes include:

•Eliminating a requirement that the taxpayer have $1,500 or less of
unpaid tax per year; •Eliminating the required risk questionnaire; •Requiring the taxpay…